International wheat markets continued to rally over the past week on account of a number of developments overseas. Russia’s agriculture ministry announced this week that is looking to set a non-tariff quota for grain exports of 20 million tonnes between January and June.

In a statement, the ministry said that its priority is the food security of the country, potentially indicating that it foresees favourable market conditions for wheat exports and the possibility of grain shortages in its domestic market.

The rapeseed market also remains one to watch

The news came after the latest USDA WASDE report confirmed that the US 2020 winter wheat area has declined again and could be the smallest area since 1910.

As a result, Chicago wheat futures edged even higher this week reaching a one-and-a-half-year high.

The rapeseed market also remains one to watch.

European prices continue to rise following strong European demand, as Ukraine imports withdraw from the market.

Prices from the trade suggest spot wheat and barley is at €200/t and €175 to €180/t respectively

Paris rapeseed futures have risen for the seventh consecutive week, with November 2020 prices settling on €393/t on Friday last.

Closer to home, market movements remain relatively quiet. Prices from the trade suggest spot wheat and barley is at €200/t and €175 to €180/t respectively.

The recent text from Glanbia with regard to grain prices is a statement of market direction.

Earlier this week, the co-op offered its growers a forward price of €192/t for dry wheat for next November and €174/t for dry barley exclusive of potential member bonuses.

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